CIBC announces fourth quarter and fiscal 2025 results

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CIBC announces fourth quarter and fiscal 2025 results

CIBC’s 2025 audited annual consolidated financial statements and accompanying management’s discussion and analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2025 Annual Report is available on SEDAR+ at www.sedarplus.com. All amounts are expressed in Canadian dollars, unless otherwise indicated.

TORONTO, Dec. 4, 2025 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2025.

“We delivered record financial performance in 2025 through the consistent execution of our client-focused strategy, driving high-quality earnings growth and delivering top-tier returns for our shareholders,” said Harry Culham, CIBC President and Chief Executive Officer. “In a dynamic operating environment, our proactive and disciplined approach to managing our business, our resilient capital position and our deep client relationships supported robust growth while maintaining strong credit quality.

Thanks to our CIBC team, in 2025 we continued our strong net client growth, improved our excellent client experience scores and furthered our connected culture across our bank to create value for all our stakeholders. We enter the new fiscal year with continuity in our strategy and a shared vision for accelerating its execution by sharpening client focus and connectivity, driving efficiencies through modernization and elevating our emphasis on human capital. Our CIBC team remains committed to our purpose to help make your ambition a reality as we serve our clients, support our community and build on the clear momentum we’ve established at CIBC,” added Mr. Culham.

Fourth quarter highlights

Q4/25

Q4/24

Q3/25

YoY
Variance

QoQ
Variance

Revenue

$7,576 million

$6,617 million

$7,254 million

+14 %

+4 %

Reported Net Income

$2,180 million

$1,882 million

$2,096 million

+16 %

+4 %

Adjusted Net Income (1)

$2,188 million

$1,889 million

$2,104 million

+16 %

+4 %

Adjusted pre-provision, pre-tax earnings (1)

$3,408 million

$2,835 million

$3,289 million

+20 %

+4 %

Reported Diluted Earnings Per Share (EPS)

$2.20

$1.90

$2.15

+16 %

+2 %

Adjusted Diluted EPS (1)

$2.21

$1.91

$2.16

+16 %

+2 %

Reported Return on Common Shareholders’ Equity (ROE) (2)

14.1 %

13.3 %

14.2 %

Adjusted ROE (1)

14.1 %

13.4 %

14.2 %

Net interest margin on average interest-earnings assets (2)(3)

1.59 %

1.50 %

1.58 %

Net interest margin on average interest-earnings assets (excluding trading) (2)(3)

2.00 %

1.86 %

1.94 %

Common Equity Tier 1 (CET1) Ratio (4)

13.3 %

13.4 %

CIBC’s results for the fourth quarter of 2025 were affected by the following item of note aggregating to a negative impact of $0.01 per share:

$11 million ($8 million after-tax) amortization and impairment of acquisition-related intangible assets.

For the year ended October 31, 2025, CIBC reported net income of $8.5 billion and adjusted net income(1) of $8.5 billion, compared with reported net income of $7.2 billion and adjusted net income(1) of $7.3 billion for 2024, and adjusted pre-provision, pre-tax earnings(1) of $13.3 billion, compared with $11.3 billion for 2024.

(1)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 14 to 18; and adjusted pre-provision, pre-tax earnings on page 19.

(2)

For additional information on the composition of these specified financial measures, see the “Fourth quarter financial highlights” section.

(3)

Average balances are calculated as a weighted average of daily closing balances.

(4)

Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution’s (OSFI’s) Capital Adequacy Requirements (CAR) Guideline, which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the “Capital management” section of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.

Core business performance
F2025 Financial Highlights

(C$ million)

F2025

F2024

YoY Variance

Canadian Personal and Business Banking (1)

Reported Net Income

$3,107

$2,905

up 7%

Adjusted Net Income (2)

$3,127

$2,924

up 7%

Pre-provision, pre-tax earnings (2)

$5,964

$5,236

up 14%

Adjusted pre-provision, pre-tax earnings (2)

$5,991

$5,262

up 14%

Canadian Commercial Banking and Wealth Management (1)

Reported Net Income

$2,341

$2,063

up 13%

Adjusted Net Income (2)

$2,341

$2,063

up 13%

Pre-provision, pre-tax earnings (2)

$3,380

$2,952

up 14%

Adjusted pre-provision, pre-tax earnings (2)

$3,380

$2,952

up 14%

U.S. Commercial Banking and Wealth Management (1)

Reported Net Income

$958

$500

up 92%

Adjusted Net Income (2)

$971

$599

up 62%

Pre-provision, pre-tax earnings (2)

$1,355

$1,102

up 23%

Adjusted pre-provision, pre-tax earnings (2)

$1,373

$1,235

up 11%

Capital Markets (1)

Reported Net Income

$2,273

$1,629

up 40%

Adjusted Net Income (2)

$2,273

$1,629

up 40%

Pre-provision, pre-tax earnings (2)

$3,293

$2,321

up 42%

Adjusted pre-provision, pre-tax earnings (2)

$3,293

$2,321

up 42%

Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2025, CIBC maintained its capital strength and sound risk management practices:

Capital ratios were strong, with a CET1 ratio(3) of 13.3% as noted above, and Tier 1(3) and Total capital ratios(3) of 15.1% and 17.4%, respectively, at October 31, 2025;
Market risk, as measured by average Value-at-Risk, was $11.4 million in 2025 compared with $11.0 million in 2024;
We continued to have solid credit performance, with a loan loss ratio(4) of 33 basis points compared with 32 basis points in 2024;
Liquidity Coverage Ratio (LCR)(3) was 132% for the three months ended October 31, 2025; and
Leverage Ratio(3) was 4.3% at October 31, 2025.

CIBC announced an increase in its quarterly common share dividend from $0.97 per share to $1.07 per share for the quarter ending January 31, 2026.

Credit quality
Provision for credit losses was $605 million for the fourth quarter, up $186 million or 44% from the same quarter last year. Provision for credit losses on performing loans was up due to an unfavourable change in the economic outlook in Canada and unfavourable credit migration in the current quarter and favourable model parameter updates in the same quarter last year. Offsetting these increases, the same quarter last year included an unfavourable change in economic outlook in the U.S. compared to a favourable change in the current quarter. Provision for credit losses on impaired loans was up due to higher provisions in all strategic business units (SBUs), except U.S. Commercial Banking and Wealth Management.

(1)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.

(3)

Our capital ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and the LCR is calculated pursuant to OSFI’s Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.

(4)

For additional information on the composition of these specified financial measures, see the “Fourth quarter financial highlights” section.

Key highlights across our bank in 2025 included:

Achieved record-high net promoter scores for Personal Banking and Imperial Service and maintained strong net promoter scores in Commercial Banking, Private Banking and Wood Gundy, reflecting the confidence, loyalty and satisfaction that sets us apart as a trusted partner for our clients.
Launched a new, innovative, no annual fee CIBC Adapta Mastercard that automatically adapts to spending practices and rewards more for everyday purchases.
Established a new tiered Smart Account, which offers clients up to three accounts with unlimited transactions, enhanced benefits and rewards, and automatic tier upgrades as they deepen their relationship with CIBC.
Launched Real-Time Experience (CIBC CRTeX), an AI-enabled client personalization and engagement engine to further our industry-leading digital capabilities and enhance banking experiences.
Achieved strong year-over-year growth in commercial loans and deposits through proactive engagement and tailored solutions.
Continued delivering industry-leading advice and capital markets solutions by expanding our capabilities and expertise, securing a market share of 14.2% among Strategic and Focus clients in Canada, while maintaining leading growth, productivity, efficiency, and returns versus peers.
First major Canadian bank to sign the Government of Canada’s Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems
Recognized by Global Finance for the third consecutive year as the Best Investment Bank in Canada and for our leadership in environmental and social sustainability financing, receiving three sustainable finance awards from Global Finance, including Best Sustainable Finance Bank in Canada.
Ranked #6 Registered Investment Advisor in Barron’s Top 100 RIA Firms list; remaining in the top 10 for the sixth consecutive year.

Making a difference in our communities
At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:

The 34th annual Canadian Cancer Society CIBC Run for the Cure took place bringing together 60,000 participants and volunteers, including more than 14,000 Team CIBC members at more than 50 sites across Canada. This year, over $18 million was raised, with Team CIBC contributing $3.1 million.
To support hurricane relief efforts in Jamaica and other Caribbean islands impacted by Hurricane Melissa, CIBC committed $100,000 to the CIBC Caribbean ComTrust Foundation and launched a relief fund for CIBC team members, clients and the public to add their support.
CIBC donated US$25,000 to Chicago White Sox Charities in support of Childhood Cancer Awareness Day, presented by CIBC. In collaboration with non-profit partners, the White Sox invited local families impacted by pediatric cancer to participate in special activities before and during the day’s game.

Fourth quarter financial highlights

As at or for the

three months ended

twelve months ended

2025

2024

2025

2024

Unaudited

Oct. 31

Jul. 31

Oct. 31

Financial results ($ millions)

Net interest income

4,132

4,048

3,633

15,769

13,695

Non-interest income

3,444

3,206

2,984

13,364

11,911

Total revenue

7,576

7,254

6,617

29,133

25,606

Provision for credit losses

605

559

419

2,342

2,001

Non-interest expenses

4,179

3,976

3,791

15,852

14,439

Income before income taxes

2,792

2,719

2,407

10,939

9,166

Income taxes

612

623

525

2,485

2,012

Net income

2,180

2,096

1,882

8,454

7,154

Net income attributable to non-controlling interests

Preferred shareholders and other equity instrument holders

116

364

263

Common shareholders

2,058

2,012

1,802

8,065

6,852

Net income attributable to equity shareholders

2,174

2,094

1,874

8,429

7,115

Financial measures

Reported efficiency ratio (1)

55.2

54.8

57.3

54.4

56.4

Reported operating leverage (1)

4.2

1.9

3.0

4.0

9.1

Loan loss ratio (1)

0.34

0.33

0.30

0.33

0.32

Reported return on common shareholders’ equity (1)(2)

14.1

14.2

13.3

14.3

13.4

Net interest margin (1)

1.47

1.46

1.40

1.43

1.36

Net interest margin on average interest-earning assets (1)(3)

1.59

1.58

1.50

1.55

1.47

Return on average assets (1)(3)

0.77

0.75

0.72

0.77

0.71

Return on average interest-earning assets (1)(3)

0.84

0.82

0.78

0.83

0.77

Reported effective tax rate

21.9

22.9

21.8

22.7

21.9

Common share information

Per share ($)

– basic earnings

2.21

2.16

1.91

8.62

7.29

– reported diluted earnings

2.20

2.15

1.90

8.57

7.28

– dividends

0.97

0.90

3.88

3.60

– book value (1)

62.33

60.18

57.08

62.33

57.08

Closing share price ($)

116.21

99.03

87.11

116.21

87.11

Shares outstanding (thousands)

– weighted-average basic

928,805

932,258

944,283

935,374

939,352

– weighted-average diluted

935,115

937,518

948,609

940,675

941,712

– end of period

926,614

929,451

942,295

926,614

942,295

Market capitalization ($ millions)

107,682

92,044

82,083

107,682

82,083

Value measures

Total shareholder return

18.38

15.05

23.33

39.05

87.56

Dividend yield (based on closing share price)

3.3

3.9

4.1

3.3

4.1

Reported dividend payout ratio (1)

43.8

44.9

47.2

45.0

49.4

Market value to book value ratio

1.86

1.65

1.53

1.86

1.53

Selected financial measures – adjusted (4)

Adjusted efficiency ratio

55.0

54.7

57.2

54.3

55.8

Adjusted operating leverage

4.3

1.7

1.8

3.1

1.2

Adjusted return on common shareholders’ equity (2)

14.1

14.2

13.4

14.4

13.7

Adjusted effective tax rate

22.0

22.9

21.8

22.7

22.0

Adjusted diluted earnings per share ($)

2.21

2.16

1.91

8.61

7.40

Adjusted dividend payout ratio

43.6

44.7

47.0

44.8

48.5

On- and off-balance sheet information ($ millions)

Cash, deposits with banks and securities

327,238

330,184

302,409

327,238

302,409

Loans and acceptances, net of allowance for credit losses

589,504

581,644

558,292

589,504

558,292

Total assets

1,116,938

1,102,255

1,041,985

1,116,938

1,041,985

Deposits

808,124

792,672

764,857

808,124

764,857

Common shareholders’ equity (1)

57,760

55,930

53,789

57,760

53,789

Average assets (3)

1,118,611

1,103,447

1,035,847

1,104,285

1,005,133

Average interest-earning assets (1)(3)

1,029,235

1,015,107

961,151

1,015,644

929,604

Average common shareholders’ equity (1)(3)

57,896

56,289

53,763

56,321

51,025

Assets under administration (AUA) (1)(5)(6)

3,998,199

3,965,501

3,600,069

3,998,199

3,600,069

Assets under management (AUM) (1)(6)

430,982

402,901

383,264

430,982

383,264

Balance sheet quality and liquidity measures (7)

Risk-weighted assets (RWA) ($ millions)

357,803

347,712

333,502

357,803

333,502

CET1 ratio

13.3

13.4

13.3

Tier 1 capital ratio

15.1

15.3

14.8

15.1

14.8

Total capital ratio

17.4

17.6

17.0

17.4

17.0

Leverage ratio

4.3

Total loss absorbing capacity (TLAC) ratio

31.9

32.9

30.3

31.9

30.3

TLAC leverage ratio

9.0

9.2

8.7

9.0

8.7

LCR (8)

132

127

129

n/a

Net stable funding ratio (NSFR)

116

115

116

115

Other information

Full-time equivalent employees

49,824

49,761

48,525

49,824

48,525

(1)

Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

Annualized.

(3)

Average balances are calculated as a weighted average of daily closing balances.

(4)

Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.

(5)

Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $3,117.4 billion (July 31, 2025: $3,130.1 billion; October 31, 2024: $2,814.6 billion).

(6)

AUM amounts are included in the amounts reported under AUA.

(7)

RWA and our capital ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and the LCR and NSFR are calculated pursuant to OSFI’s LAR Guideline, all of which are based on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.

(8)

Average for the three months ended for each respective period.

n/a

Not applicable.

Review of Canadian Personal and Business Banking fourth quarter results

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

(1)

Revenue

3,188

3,061

2,842

Provision for (reversal of) credit losses

Impaired

340

361

292

Performing

163

(12)

Total provision for credit losses

503

444

280

Non-interest expenses

1,612

1,517

1,463

Income before income taxes

1,073

1,100

1,099

Income taxes

277

288

307

Net income

796

812

792

Net income attributable to:

Equity shareholders

796

812

792

Total revenue

Net interest income

2,572

2,459

2,239

Non-interest income (2)

616

602

603

3,188

3,061

2,842

Net interest margin on average interest-earning assets (3)

3.02

2.91

2.69

Efficiency ratio

50.6

49.6

51.5

Operating leverage

2.0

7.3

3.0

Return on equity (4)

25.3

25.9

26.0

Average allocated common equity (4)

12,473

12,458

12,142

Full-time equivalent employees

13,827

13,800

13,757

Net income for the quarter was $796 million, up $4 million from the fourth quarter of 2024, due to higher revenue, partially offset by a higher provision for credit losses and higher expenses. Adjusted pre-provision, pre-tax earnings(4) were $1,583 million, up $198 million from the fourth quarter of 2024.

Revenue of $3,188 million was up $346 million from the fourth quarter of 2024, primarily due to higher net interest income, mainly from higher margins and volume growth.

Net interest margin on average interest-earning assets was up 33 basis points, mainly due to higher deposit and loan margins, and a favourable business mix.

Provision for credit losses of $503 million was up $223 million from the fourth quarter of 2024, due to a higher provision for credit losses on both performing and impaired loans.

Non-interest expenses of $1,612 million were up $149 million from the fourth quarter of 2024, mainly due to higher spending on technology and other strategic initiatives, and higher employee compensation.

(1)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(3)

(4)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.

Review of Canadian Commercial Banking and Wealth Management fourth quarter results

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

(1)

Revenue

Commercial banking

694

679

637

Wealth management

1,142

1,044

965

Total revenue

1,836

1,723

1,602

Provision for (reversal of) credit losses

Impaired

Performing

(4)

Total provision for credit losses

Non-interest expenses

957

879

823

Income before income taxes

827

823

755

Income taxes

224

225

204

Net income

603

598

551

Net income attributable to:

Equity shareholders

603

598

551

Total revenue

Net interest income

784

751

676

Non-interest income (2)

1,052

972

926

1,836

1,723

1,602

Net interest margin on average interest-earning assets (3)

2.96

2.89

2.80

Efficiency ratio

52.2

51.0

51.4

Operating leverage

(1.8)

2.2

(3.9)

Return on equity (4)

23.6

23.8

22.7

Average allocated common equity (4)

10,116

9,977

9,632

Full-time equivalent employees

6,190

6,155

5,879

Net income for the quarter was $603 million, up $52 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(4) were $879 million, up $100 million from the fourth quarter of 2024.

Revenue of $1,836 million was up $234 million from the fourth quarter of 2024, driven mainly by higher fee-based revenue from higher AUA and AUM balances as a result of market appreciation, higher commission revenue from increased client activity, and higher net interest income in wealth management. Revenue in commercial banking was higher compared to the prior year, mainly due to volume growth and favourable margins.

Net interest margin on average interest-earning assets was up 16 basis points, primarily due to favourable economic rates and volume growth in deposits.

Provision for credit losses of $52 million was up $28 million from the fourth quarter of 2024, due to higher provisions on both performing and impaired loans.

Non-interest expenses of $957 million were up $134 million from the fourth quarter of 2024, primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.

(1)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.

(3)

(4)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.

Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

(1)

Revenue

Commercial banking

564

554

513

Wealth management

246

236

220

Total revenue

810

790

733

Provision for (reversal of) credit losses

Impaired

Performing

(73)

(40)

(1)

Total provision for (reversal of) credit losses

(33)

Non-interest expenses

500

450

415

Income before income taxes

343

323

235

Income taxes

Net income

275

254

200

Net income attributable to:

Equity shareholders

275

254

200

Total revenue

Net interest income

559

548

506

Non-interest income

251

242

227

810

790

733

Net interest margin on average interest-earning assets (2)

3.84

3.78

3.63

Efficiency ratio

61.8

57.0

56.7

Return on equity (3)

9.7

9.0

7.3

Average allocated common equity (3)

11,200

10,896

Full-time equivalent employees

3,189

3,196

3,005

Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

(1)

Revenue

Commercial banking

406

404

377

Wealth management

178

172

161

Total revenue

584

576

538

Provision for (reversal of) credit losses

Impaired

Performing

(53)

(28)

–

Total provision for (reversal of) credit losses

(24)

Non-interest expenses

360

327

304

Income before income taxes

248

235

173

Income taxes

Net income

199

186

147

Net income attributable to:

Equity shareholders

199

186

147

Total revenue

Net interest income

403

399

371

Non-interest income

181

177

167

584

576

538

Operating leverage

(9.8)

0.9

1.6

Net income for the quarter was $275 million (US$199 million), up $75 million (up US$52 million) from the fourth quarter of 2024, due to higher revenue and a reversal of credit losses, partially offset by higher expenses. Adjusted pre-provision, pre-tax earnings(3) were $314 million (US$227 million), down $7 million (down US$9 million) from the fourth quarter of 2024.

Revenue of US$584 million was up US$46 million from the fourth quarter of 2024, primarily due to higher deposit and loan volumes, higher deposit margins, and higher asset management fees from higher average AUM balances, partially offset by lower loan margins.

Net interest margin on average interest-earning assets was up 21 basis points primarily due to favourable business mix and higher deposit margins, partially offset by lower loan margins.

Reversal of credit losses of US$24 million in the current quarter compared with a provision for credit losses of US$61 million in the same quarter last year, due to a performing provision release in the current quarter and lower impaired provisions.

Non-interest expenses of US$360 million were up US$56 million from the fourth quarter of 2024, primarily due to higher employee compensation, branch closure expenses and higher spending on strategic initiatives.

(1)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

(3)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.

Review of Capital Markets fourth quarter results

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

(1)

Revenue

Global markets

911

930

717

Corporate and investment banking

612

576

438

Total revenue

1,523

1,506

1,155

Provision for credit losses

Impaired

Performing

Total provision for credit losses

Non-interest expenses

710

721

652

Income before income taxes

736

709

472

Income taxes

188

169

126

Net income

548

540

346

Net income attributable to:

Equity shareholders

548

540

346

Efficiency ratio

46.6

47.9

56.5

Operating leverage

23.0

27.3

3.9

Return on equity (2)

20.1

20.7

14.9

Average allocated common equity (2)

10,828

10,349

9,281

Full-time equivalent employees

2,011

2,034

1,858

Net income for the quarter was $548 million, up $202 million from the fourth quarter of 2024, due to higher revenue, partially offset by higher expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings(2) were up $310 million or 62% from the fourth quarter of 2024.

Revenue of $1,523 million was up $368 million from the fourth quarter of 2024. In global markets, revenue increased due to higher equity trading, financing, fixed income, and commodities trading revenue. In corporate and investment banking, higher corporate banking revenue and higher debt underwriting and advisory activity were partially offset by lower equity underwriting activity.

Provision for credit losses of $77 million was up $46 million from the fourth quarter of 2024, due to a higher provision on impaired loans.

Non-interest expenses of $710 million were up $58 million from the fourth quarter of 2024, primarily due to higher spend on technology and other strategic initiatives, and higher employee-related compensation, partially offset by lower performance-based compensation.

Review of Corporate and Other fourth quarter results

2025

2024

$ millions, for the three months ended

Oct. 31

Jul. 31

Oct. 31

Revenue

International banking

242

163

239

Other

(23)

Total revenue

219

174

285

Provision for credit losses

Impaired

Performing

–

Total provision for credit losses

Non-interest expenses

400

409

438

Loss before income taxes

(187)

(236)

(154)

Income taxes

(145)

(128)

(147)

Net loss

(42)

(108)

(7)

Net income (loss) attributable to:

Non-controlling interests

Equity shareholders

(48)

(110)

(15)

Full-time equivalent employees (3)

24,607

24,576

24,026

Net loss for the quarter was $42 million, compared with a net loss of $7 million for the fourth quarter of 2024, due to lower revenue, partially offset by lower expenses. Adjusted pre-provision, pre-tax losses(2) were up $28 million or 18% from the fourth quarter of 2024.

Revenue was down $66 million from the fourth quarter of 2024, due to lower treasury revenue, partially offset by higher revenue from strategic investments.

The current quarter included a provision for credit losses of $6 million, while the fourth quarter of 2024 included a provision for credit losses of $1 million.

Non-interest expenses of $400 million were down $38 million from the fourth quarter of 2024, primarily due to lower corporate costs.

Income tax benefit was down $2 million from the fourth quarter of 2024.

(1)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.

(3)

Includes full-time equivalent employees for which the expenses are allocated to the business lines within the SBUs. The majority of the full-time equivalent employees for functional and support costs of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU.

Consolidated balance sheet

$ millions, as at October 31

2025

2024

ASSETS

Cash and non-interest-bearing deposits with banks

12,379

8,565

Interest-bearing deposits with banks

31,624

39,499

Securities

283,235

254,345

Cash collateral on securities borrowed

21,697

17,028

Securities purchased under resale agreements

86,695

83,721

Loans

Residential mortgages

287,033

280,672

Personal

47,866

46,681

Credit card

21,581

20,551

Business and government (1)

237,416

214,305

Allowance for credit losses

(4,392)

(3,917)

589,504

558,292

Other

Derivative instruments

38,352

36,435

Property and equipment

3,443

3,359

Goodwill

5,475

5,443

Software and other intangible assets

2,894

2,830

Investments in equity-accounted associates and joint ventures

808

785

Deferred tax assets

1,027

821

Other assets

39,805

30,862

91,804

80,535

Total assets

1,116,938

1,041,985

LIABILITIES AND EQUITY

Deposits

Personal

258,139

252,894

Business and government

457,284

435,499

Bank

26,723

20,009

Secured borrowings

65,978

56,455

808,124

764,857

Obligations related to securities sold short

24,244

21,642

Cash collateral on securities lent

6,031

7,997

Obligations related to securities sold under repurchase agreements

130,042

110,153

Other

Derivative instruments

41,411

40,654

Deferred tax liabilities

Other liabilities (1)

34,807

30,161

76,265

70,864

Subordinated indebtedness

7,819

7,465

Total liabilities

1,052,525

982,978

Equity

Preferred shares and other equity instruments

6,369

4,946

Common shares

16,845

17,011

Contributed surplus

226

159

Retained earnings

36,471

33,471

Accumulated other comprehensive income (AOCI)

4,218

3,148

Total shareholders’ equity

64,129

58,735

Non-controlling interests

284

272

Total equity

64,413

59,007

Total liabilities and equity

1,116,938

1,041,985

(1)

Includes customers’ liability under acceptances of $10 million (2024: $6 million) in business and government loans and acceptances of $10 million (2024: $6 million) in other liabilities. Prior period amounts have been revised to conform to the presentation adopted in the first quarter of 2025.

Consolidated statement of income

For the three

For the twelve

months ended

2025

2024

2025

2024

$ millions, except as noted

Oct. 31

Jul. 31

Oct. 31

Interest income (1)

Loans

8,117

7,976

8,668

32,074

33,925

Securities

2,215

2,260

2,393

9,045

9,560

Securities borrowed or purchased under resale agreements

1,222

1,307

1,441

5,260

5,811

Deposits with banks and other

540

546

729

2,382

2,889

12,094

12,089

13,231

48,761

52,185

Interest expense

Deposits

6,004

6,090

7,476

25,110

30,476

Securities sold short

141

135

163

565

625

Securities lent or sold under repurchase agreements

1,624

1,619

1,719

6,521

6,334

Subordinated indebtedness

106

120

407

510

Other

100

120

389

545

7,962

8,041

9,598

32,992

38,490

Net interest income

4,132

4,048

3,633

15,769

13,695

Non-interest income

Underwriting and advisory fees

245

291

182

915

707

Deposit and payment fees

252

257

250

996

958

Credit fees

269

253

217

1,015

1,218

Card fees

105

402

414

Investment management and custodial fees

595

555

526

2,241

1,980

Mutual fund fees

520

493

465

2,019

1,796

Income from insurance activities, net

317

356

Commissions on securities transactions

160

132

129

554

431

Gains (losses) from financial instruments measured/designated at

fair value through profit or loss (FVTPL), net

1,005

859

827

4,022

3,226

Gains (losses) from debt securities measured at fair value through

other comprehensive income (FVOCI) and amortized cost, net

(11)

(25)

(6)

(14)

Foreign exchange other than trading

369

386

Income from equity-accounted associates and joint ventures

117

Other

121

411

317

3,444

3,206

2,984

13,364

11,911

Total revenue

7,576

7,254

6,617

29,133

25,606

Provision for credit losses

605

559

419

2,342

2,001

Non-interest expenses

Employee compensation and benefits

2,357

2,377

2,207

9,266

8,261

Occupancy costs

240

204

208

847

830

Computer, software and office equipment

827

732

723

2,946

2,719

Communications

395

362

Advertising and business development

121

103

398

344

Professional fees

284

257

Business and capital taxes

124

128

Other

419

369

353

1,592

1,538

4,179

3,976

3,791

15,852

14,439

Income before income taxes

2,792

2,719

2,407

10,939

9,166

Income taxes

612

623

525

2,485

2,012

Net income

2,180

2,096

1,882

8,454

7,154

Net income attributable to non-controlling interests

Preferred shareholders and other equity instrument holders

116

364

263

Common shareholders

2,058

2,012

1,802

8,065

6,852

Net income attributable to equity shareholders

2,174

2,094

1,874

8,429

7,115

Earnings per share (in dollars)

Basic

2.21

2.16

1.91

8.62

7.29

Diluted

2.20

2.15

1.90

8.57

7.28

Dividends per common share (in dollars)

0.97

0.90

3.88

3.60

(1)

Interest income included $11.1 billion for the quarter ended October 31, 2025 (July 31, 2025: $11.0 billion; October 31, 2024: $12.2 billion) calculated based on the effective interest rate method.

Consolidated statement of comprehensive income

For the three

For the twelve

months ended

2025

2024

2025

2024

$ millions

Oct. 31

Jul. 31

Oct. 31

Net income

2,180

2,096

1,882

8,454

7,154

Other comprehensive income (loss) (OCI), net of income tax, that is subject to subsequent

reclassification to net income

Net foreign currency translation adjustments

Net gains (losses) on investments in foreign operations

713

295

479

400

281

Net gains (losses) on hedges of investments in foreign operations

(476)

(215)

(339)

(365)

(267)

237

140

Net change in debt securities measured at FVOCI

Net gains (losses) on securities measured at FVOCI

116

159

(56)

368

127

Net (gains) losses reclassified to net income

(4)

(14)

(27)

121

155

(51)

354

100

Net change in cash flow hedges

Net gains (losses) on derivatives designated as cash flow hedges

964

(343)

581

1,419

2,348

Net (gains) losses reclassified to net income

(497)

(202)

(331)

(928)

(813)

467

(545)

250

491

1,535

OCI, net of income tax, that is not subject to subsequent reclassification to net income

Net gains (losses) on post-employment defined benefit plans

183

143

208

250

Net gains (losses) due to fair value change of fair value option (FVO) liabilities

attributable to changes in credit risk

(22)

(167)

(19)

(34)

(216)

Net gains (losses) on equity securities designated at FVOCI

(1)

(13)

160

(110)

123

192

Total other comprehensive income (loss) (1)

985

(420)

462

1,072

1,670

Comprehensive income

3,165

1,676

2,344

9,526

8,824

Comprehensive income attributable to non-controlling interests

Preferred shareholders and other equity instrument holders

116

364

263

Common shareholders

3,043

1,592

2,264

9,137

8,522

Comprehensive income attributable to equity shareholders

3,159

1,674

2,336

9,501

8,785

(1)

Includes $16 million of gains for the quarter ended October 31, 2025 (July 31, 2025: $10 million of gains; October 31, 2024: $45 million of gains), relating to our investments in equity-accounted associates and joint ventures.

For the three

For the twelve

months ended

2025

2024

2025

2024

$ millions

Oct. 31

Jul. 31

Oct. 31

Income tax (expense) benefit allocated to each component of OCI

Subject to subsequent reclassification to net income

Net foreign currency translation adjustments

Net gains (losses) on investments in foreign operations

(23)

(5)

(12)

(5)

Net gains (losses) on hedges of investments in foreign operations

(13)

(68)

–

(14)

(18)

(80)

(5)

Net change in debt securities measured at FVOCI

Net gains (losses) on securities measured at FVOCI

(29)

(51)

(74)

(12)

Net (gains) losses reclassified to net income

(1)

(2)

(30)

(50)

(69)

(2)

Net change in cash flow hedges

Net gains (losses) on derivatives designated as cash flow hedges

(371)

132

(223)

(546)

(903)

Net (gains) losses reclassified to net income

191

127

357

313

(180)

210

(96)

(189)

(590)

Not subject to subsequent reclassification to net income

Net gains (losses) on post-employment defined benefit plans

(55)

(22)

(28)

(66)

(68)

Net gains (losses) due to fair value change of FVO liabilities attributable

to changes in credit risk

Net gains (losses) on equity securities designated at FVOCI

(1)

–

(6)

(45)

(20)

(59)

Total income tax (expense) benefit allocated to each component of OCI

(269)

183

(104)

(397)

(578)

Consolidated statement of changes in equity

For the three

For the twelve

months ended

2025

2024

2025

2024

$ millions

Oct. 31

Jul. 31

Oct. 31

Preferred shares and other equity instruments

Balance at beginning of period

6,669

5,942

4,949

4,946

4,925

Issue of preferred shares and limited recourse capital notes (LRCNs)

450

1,027

–

2,770

1,000

Redemption of preferred shares and LRCNs

(750)

(300)

–

(1,350)

(975)

Treasury shares

–

(3)

(4)

Balance at end of period

6,369

6,669

4,946

6,369

4,946

Common shares

Balance at beginning of period

16,867

16,929

16,919

17,011

16,082

Issue of common shares

182

168

1,019

Purchase of common shares for cancellation

(63)

(100)

(90)

(335)

(90)

Treasury shares

(8)

–

Balance at end of period

16,845

16,867

17,011

16,845

17,011

Contributed surplus

Balance at beginning of period

175

156

128

159

109

Compensation expense arising from equity-settled share-based awards

Exercise of stock options and settlement of other equity-settled share-based awards

(1)

(3)

(5)

(10)

(9)

Other (1)

Balance at end of period

226

175

159

226

159

Retained earnings

Balance at beginning of period

35,655

34,984

32,844

33,471

30,352

Net income attributable to equity shareholders

2,174

2,094

1,874

8,429

7,115

Dividends and distributions

Preferred and other equity instruments

(116)

(82)

(72)

(364)

(263)

Common

(901)

(904)

(850)

(3,629)

(3,382)

Premium on purchase of common shares for cancellation

(330)

(428)

(329)

(1,396)

(329)

Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI

–

(15)

Other

(11)

(42)

(7)

Balance at end of period

36,471

35,655

33,471

36,471

33,471

AOCI, net of income tax

AOCI, net of income tax, that is subject to subsequent reclassification to net income

Net foreign currency translation adjustments

Balance at beginning of period

1,974

1,894

2,036

2,176

2,162

Net change in foreign currency translation adjustments

237

140

Balance at end of period

2,211

1,974

2,176

2,211

2,176

Net gains (losses) on debt securities measured at FVOCI

Balance at beginning of period

(74)

(229)

(256)

(307)

(407)

Net change in securities measured at FVOCI

121

155

(51)

354

100

Balance at end of period

(74)

(307)

Net gains (losses) on cash flow hedges

Balance at beginning of period

533

1,078

259

509

(1,026)

Net change in cash flow hedges

467

(545)

250

491

1,535

Balance at end of period

1,000

533

509

1,000

509

AOCI, net of income tax, that is not subject to subsequent reclassification to net income

Net gains (losses) on post-employment defined benefit plans

Balance at beginning of period

867

814

699

842

592

Net change in post-employment defined benefit plans

183

143

208

250

Balance at end of period

1,050

867

842

1,050

842

Net gains (losses) due to fair value change of FVO liabilities attributable to changes

in credit risk

Balance at beginning of period

(100)

(69)

(88)

128

Net change attributable to changes in credit risk

(22)

(167)

(19)

(34)

(216)

Balance at end of period

(122)

(100)

(88)

(122)

(88)

Net gains (losses) on equity securities designated at FVOCI

Balance at beginning of period

Net gains (losses) on equity securities designated at FVOCI

(1)

(13)

Realized gains (losses) on equity securities designated at FVOCI reclassified to retained

earnings

–

(2)

(3)

(2)

Balance at end of period

Total AOCI, net of income tax

4,218

3,233

3,148

4,218

3,148

Non-controlling interests

Balance at beginning of period

277

280

254

272

232

Net income attributable to non-controlling interests

Dividends

(2)

(3)

(2)

(9)

(8)

Other

(2)

(4)

Balance at end of period

284

277

272

284

272

Equity at end of period

64,413

62,876

59,007

64,413

59,007

(1)

Includes the portion of the estimated tax benefit related to employee stock options that is incremental to the amount recognized in the interim consolidated statement of income.

Consolidated statement of cash flows

For the three

For the twelve

months ended

2025

2024

2025

2024

$ millions

Oct. 31

Jul. 31

Oct. 31

Cash flows provided by (used in) operating activities

Net income

2,180

2,096

1,882

8,454

7,154

Adjustments to reconcile net income to cash flows provided by (used in) operating activities:

Provision for credit losses

605

559

419

2,342

2,001

Amortization and impairment (1)

324

287

289

1,178

1,170

Stock options and restricted shares expense

Deferred income taxes

(121)

(150)

(203)

(257)

(244)

Losses (gains) from debt securities measured at FVOCI and amortized cost

(43)

Net losses (gains) on disposal of land, buildings and equipment

–

(1)

(2)

(1)

Other non-cash items, net

(262)

457

(258)

(16)

(1,822)

Net changes in operating assets and liabilities

Interest-bearing deposits with banks

4,462

(511)

(3,334)

7,875

(4,597)

Loans, net of repayments

(8,476)

(10,756)

(8,255)

(33,381)

(28,930)

Deposits, net of withdrawals

13,145

5,718

20,126

37,183

34,467

Obligations related to securities sold short

3,417

734

(2,398)

2,602

2,976

Accrued interest receivable

(372)

327

(226)

(711)

Accrued interest payable

(292)

(180)

(983)

452

Derivative assets

(3,769)

3,907

(6,188)

(1,921)

(3,240)

Derivative liabilities

4,636

(7,402)

4,664

328

(813)

Securities measured at FVTPL

(6,767)

(6,309)

127

(22,817)

(23,319)

Other assets and liabilities measured/designated at FVTPL

1,893

2,703

290

5,090

3,431

Current income taxes

–

(250)

(174)

(489)

(257)

Cash collateral on securities lent

727

(1,411)

(518)

(1,966)

(84)

Obligations related to securities sold under repurchase agreements

(15,617)

12,380

(5,215)

19,889

23,035

Cash collateral on securities borrowed

(7)

(2,745)

(533)

(4,669)

(2,377)

Securities purchased under resale agreements

(485)

5,051

(4,400)

(2,974)

(3,537)

Other, net

155

1,440

3,230

(1,706)

6,361

Net cash flows provided by (used in) operating activities

(4,292)

5,861

(843)

13,838

11,088

Cash flows provided by (used in) financing activities

Issue of subordinated indebtedness

–

1,250

2,250

Redemption/repurchase/maturity of subordinated indebtedness

–

(1,000)

–

(1,069)

(1,536)

Issue of preferred shares and LRCNs, net of issuance cost

446

1,024

–

2,757

996

Redemption of preferred shares and LRCNs

(750)

(300)

–

(1,350)

(975)

Issue of common shares for cash

131

158

312

Purchase of common shares for cancellation

(393)

(528)

(419)

(1,731)

(419)

Net sale (purchase) of treasury shares

(8)

(3)

(4)

Dividends and distributions paid

(1,017)

(986)

(876)

(3,993)

(2,947)

Repayment of lease liabilities

(74)

(77)

(80)

(309)

(287)

Other, net

(7)

(8)

–

(29)

–

Net cash flows provided by (used in) financing activities

(1,755)

(1,840)

(1,247)

(4,312)

(2,610)

Cash flows provided by (used in) investing activities

Purchase of securities measured/designated at FVOCI and amortized cost

(30,301)

(26,677)

(16,320)

(98,369)

(76,528)

Proceeds from sale of securities measured/designated at FVOCI and amortized cost

12,275

13,745

8,299

46,299

29,761

Proceeds from maturity of debt securities measured at FVOCI and amortized cost

17,696

14,255

7,351

47,404

27,105

Net sale (purchase) of property, equipment, software and other intangible assets

(388)

(282)

(393)

(1,109)

(1,089)

Net cash flows provided by (used in) investing activities

(718)

1,041

(1,063)

(5,775)

(20,751)

Effect of exchange rate changes on cash and non-interest-bearing deposits with banks

Net increase (decrease) in cash and non-interest-bearing deposits with banks

during the period

(6,722)

5,090

(3,119)

3,814

(12,251)

Cash and non-interest-bearing deposits with banks at beginning of period

19,101

14,011

11,684

8,565

20,816

Cash and non-interest-bearing deposits with banks at end of period (2)

12,379

19,101

8,565

12,379

8,565

Cash interest paid

7,942

8,333

9,777

33,975

38,038

Cash interest received

11,288

11,929

12,578

46,993

49,761

Cash dividends received

434

487

427

1,812

1,713

Cash income taxes paid

734

1,022

903

3,231

2,513

(1)

Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets.

(2)

Includes restricted cash of $579 million (July 31, 2025: $550 million; October 31, 2024: $466 million) and interest-bearing demand deposits with Bank of Canada.

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”, useful in understanding how management views underlying business performance.

Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note from reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders’ equity and adjusted effective tax rate.

Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Non-GAAP measures” section of our 2025 Annual Report available on SEDAR+ at www.sedarplus.com.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the three months ended October 31, 2025

Banking

Management

Markets

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

3,188

1,836

810

1,523

219

7,576

584

Provision for (reversal of) credit losses

503

(33)

605

(24)

Non-interest expenses

1,612

957

500

710

400

4,179

360

Income (loss) before income taxes

1,073

827

343

736

(187)

2,792

248

Income taxes

277

224

188

(145)

612

Net income (loss)

796

603

275

548

(42)

2,180

199

Net income attributable to non-controlling interests

–

Preferred shareholders and other equity instrument holders

–

116

–

Common shareholders

796

603

275

548

(164)

2,058

199

Net income (loss) attributable to equity shareholders

796

603

275

548

(48)

2,174

199

Diluted EPS ($)

2.20

Impact of items of note (1)

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(7)

–

(4)

–

(11)

(3)

Impact of items of note on non-interest expenses

(7)

–

(4)

–

(11)

(3)

Total pre-tax impact of items of note on net income

–

Income taxes

Amortization and impairment of acquisition-related intangible assets

–

Impact of items of note on income taxes

–

Total after-tax impact of items of note on net income

–

Impact of items of note on diluted EPS ($) (2)

0.01

Operating results – adjusted (3)

Total revenue – adjusted

3,188

1,836

810

1,523

219

7,576

584

Provision for (reversal of) credit losses – adjusted

503

(33)

605

(24)

Non-interest expenses – adjusted

1,605

957

496

710

400

4,168

357

Income (loss) before income taxes – adjusted

1,080

827

347

736

(187)

2,803

251

Income taxes – adjusted

279

224

188

(145)

615

Net income (loss) – adjusted

801

603

278

548

(42)

2,188

201

Net income attributable to non-controlling interests – adjusted

–

Preferred shareholders and other equity instrument holders – adjusted

–

116

–

Common shareholders – adjusted

801

603

278

548

(164)

2,066

201

Net income (loss) attributable to equity shareholders – adjusted

801

603

278

548

(48)

2,182

201

Adjusted diluted EPS ($)

2.21

(1)

Items of note are removed from reported results to calculate adjusted results.

(2)

Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS.

(3)

Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.

(4)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the three months ended July 31, 2025

Banking

Management

Markets

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

3,061

1,723

790

1,506

174

7,254

576

Provision for credit losses

444

559

Non-interest expenses

1,517

879

450

721

409

3,976

327

Income (loss) before income taxes

1,100

823

323

709

(236)

2,719

235

Income taxes

288

225

169

(128)

623

Net income (loss)

812

598

254

540

(108)

2,096

186

Net income attributable to non-controlling interests

–

Preferred shareholders and other equity instrument holders

–

Common shareholders

812

598

254

540

(192)

2,012

186

Net income (loss) attributable to equity shareholders

812

598

254

540

(110)

2,094

186

Diluted EPS ($)

2.15

Impact of items of note (1)

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(7)

–

(4)

–

(11)

(3)

Impact of items of note on non-interest expenses

(7)

–

(4)

–

(11)

(3)

Total pre-tax impact of items of note on net income

–

Income taxes

Amortization and impairment of acquisition-related intangible assets

–

Impact of items of note on income taxes

–

Total after-tax impact of items of note on net income

–

Impact of items of note on diluted EPS ($) (2)

0.01

Operating results – adjusted (3)

Total revenue – adjusted

3,061

1,723

790

1,506

174

7,254

576

Provision for credit losses – adjusted

444

559

Non-interest expenses – adjusted

1,510

879

446

721

409

3,965

324

Income (loss) before income taxes – adjusted

1,107

823

327

709

(236)

2,730

238

Income taxes – adjusted

290

225

169

(128)

626

Net income (loss) – adjusted

817

598

257

540

(108)

2,104

188

Net income attributable to non-controlling interests – adjusted

–

Preferred shareholders and other equity instrument holders – adjusted

–

Common shareholders – adjusted

817

598

257

540

(192)

2,020

188

Net income (loss) attributable to equity shareholders – adjusted

817

598

257

540

(110)

2,102

188

Adjusted diluted EPS ($)

2.16

See previous page for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the three months ended October 31, 2024 (4)

Banking

Management

Markets

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

2,842

1,602

733

1,155

285

6,617

538

Provision for credit losses

280

419

Non-interest expenses

1,463

823

415

652

438

3,791

304

Income (loss) before income taxes

1,099

755

235

472

(154)

2,407

173

Income taxes

307

204

126

(147)

525

Net income (loss)

792

551

200

346

(7)

1,882

147

Net income attributable to non-controlling interests

–

Preferred shareholders and other equity instrument holders

–

Common shareholders

792

551

200

346

(87)

1,802

147

Net income (loss) attributable to equity shareholders

792

551

200

346

(15)

1,874

147

Diluted EPS ($)

1.90

Impact of items of note (1)

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(6)

–

(6)

–

(12)

(4)

Reversal related to the special assessment imposed by the Federal

Deposit Insurance Corporation (FDIC)

–

Impact of items of note on non-interest expenses

(6)

–

(3)

–

(9)

(2)

Total pre-tax impact of items of note on net income

–

Income taxes

Amortization and impairment of acquisition-related intangible assets

–

Reversal related to the special assessment imposed by the FDIC

–

(1)

–

(1)

Impact of items of note on income taxes

–

Total after-tax impact of items of note on net income

–

Impact of items of note on diluted EPS ($) (2)

0.01

Operating results – adjusted (3)

Total revenue – adjusted

2,842

1,602

733

1,155

285

6,617

538

Provision for credit losses – adjusted

280

419

Non-interest expenses – adjusted

1,457

823

412

652

438

3,782

302

Income (loss) before income taxes – adjusted

1,105

755

238

472

(154)

2,416

175

Income taxes – adjusted

308

204

126

(147)

527

Net income (loss) – adjusted

797

551

202

346

(7)

1,889

149

Net income attributable to non-controlling interests – adjusted

–

Preferred shareholders and other equity instrument holders – adjusted

–

Common shareholders – adjusted

797

551

202

346

(87)

1,809

149

Net income (loss) attributable to equity shareholders – adjusted

797

551

202

346

(15)

1,881

149

Adjusted diluted EPS ($)

1.91

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the twelve months ended October 31, 2025

Banking

Management

Markets

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

12,031

6,902

3,216

6,148

836

29,133

2,293

Provision for credit losses

1,764

166

175

208

2,342

124

Non-interest expenses

6,067

3,522

1,861

2,855

1,547

15,852

1,326

Income (loss) before income taxes

4,200

3,214

1,180

3,085

(740)

10,939

843

Income taxes

1,093

873

222

812

(515)

2,485

158

Net income (loss)

3,107

2,341

958

2,273

(225)

8,454

685

Net income attributable to non-controlling interests

–

Preferred shareholders and other equity instrument holders

–

364

–

Common shareholders

3,107

2,341

958

2,273

(614)

8,065

685

Net income (loss) attributable to equity shareholders

3,107

2,341

958

2,273

(250)

8,429

685

Diluted EPS ($)

8.57

Impact of items of note (1)

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(27)

–

(18)

–

(45)

(13)

Impact of items of note on non-interest expenses

(27)

–

(18)

–

(45)

(13)

Total pre-tax impact of items of note on net income

–

Income taxes

Amortization and impairment of acquisition-related intangible assets

–

Impact of items of note on income taxes

–

Total after-tax impact of items of note on net income

–

Impact of items of note on diluted EPS ($) (2)

0.04

Operating results – adjusted (3)

Total revenue – adjusted

12,031

6,902

3,216

6,148

836

29,133

2,293

Provision for credit losses – adjusted

1,764

166

175

208

2,342

124

Non-interest expenses – adjusted

6,040

3,522

1,843

2,855

1,547

15,807

1,313

Income (loss) before income taxes – adjusted

4,227

3,214

1,198

3,085

(740)

10,984

856

Income taxes – adjusted

1,100

873

227

812

(515)

2,497

162

Net income (loss) – adjusted

3,127

2,341

971

2,273

(225)

8,487

694

Net income attributable to non-controlling interests – adjusted

–

Preferred shareholders and other equity instrument holders – adjusted

–

364

–

Common shareholders – adjusted

3,127

2,341

971

2,273

(614)

8,098

694

Net income (loss) attributable to equity shareholders – adjusted

3,127

2,341

971

2,273

(250)

8,462

694

Adjusted diluted EPS ($)

8.61

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the twelve months ended October 31, 2024 (4)

Banking

Management

Markets

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

10,942

6,018

2,820

4,800

1,026

25,606

2,074

Provision for credit losses

1,233

123

560

2,001

412

Non-interest expenses

5,706

3,066

1,718

2,479

1,470

14,439

1,263

Income (loss) before income taxes

4,003

2,829

542

2,237

(445)

9,166

399

Income taxes

1,098

766

608

(502)

2,012

Net income

2,905

2,063

500

1,629

7,154

368

Net income attributable to non-controlling interests

–

Preferred shareholders and other equity instrument holders

–

263

–

Common shareholders

2,905

2,063

500

1,629

(245)

6,852

368

Net income attributable to equity shareholders

2,905

2,063

500

1,629

7,115

368

Diluted EPS ($)

7.28

Impact of items of note (1)

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(26)

–

(30)

–

(56)

(22)

Charge related to the special assessment imposed by the FDIC

–

(103)

–

(103)

(77)

Impact of items of note on non-interest expenses

(26)

–

(133)

–

(159)

(99)

Total pre-tax impact of items of note on net income

–

133

–

159

Income taxes

Amortization and impairment of acquisition-related intangible assets

–

Charge related to the special assessment imposed by the FDIC

–

Impact of items of note on income taxes

–

Total after-tax impact of items of note on net income

–

118

Impact of items of note on diluted EPS ($) (2)

0.12

Operating results – adjusted (3)

Total revenue – adjusted

10,942

6,018

2,820

4,800

1,026

25,606

2,074

Provision for credit losses – adjusted

1,233

123

560

2,001

412

Non-interest expenses – adjusted

5,680

3,066

1,585

2,479

1,470

14,280

1,164

Income (loss) before income taxes – adjusted

4,029

2,829

675

2,237

(445)

9,325

498

Income taxes – adjusted

1,105

766

608

(502)

2,053

Net income – adjusted

2,924

2,063

599

1,629

7,272

442

Net income attributable to non-controlling interests – adjusted

–

Preferred shareholders and other equity instrument holders – adjusted

–

263

–

Common shareholders – adjusted

2,924

2,063

599

1,629

(245)

6,970

442

Net income attributable to equity shareholders – adjusted

2,924

2,063

599

1,629

7,233

442

Adjusted diluted EPS ($)

7.40

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis.

U.S.

Canadian

U.S.

Commercial

Canadian

Commercial

Banking

Personal

Banking

and Wealth

and Business

and Wealth

Capital

Corporate

CIBC

Management

$ millions, for the three months ended

Banking

Management

Markets

and Other

Total

(US$ millions)

2025

Net income (loss)

796

603

275

548

(42)

2,180

199

Oct. 31

Add: provision for (reversal of) credit losses

503

(33)

605

(24)

Add: income taxes

277

224

188

(145)

612

Pre-provision (reversal), pre-tax earnings (losses) (1)

1,576

879

310

813

(181)

3,397

224

Pre-tax impact of items of note (2)

–

Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)

1,583

879

314

813

(181)

3,408

227

2025

Net income (loss)

812

598

254

540

(108)

2,096

186

Jul. 31

Add: provision for credit losses

444

559

Add: income taxes

288

225

169

(128)

623

Pre-provision (reversal), pre-tax earnings (losses) (1)

1,544

844

340

785

(235)

3,278

249

Pre-tax impact of items of note (2)

–

Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)

1,551

844

344

785

(235)

3,289

252

2024

Net income (loss)

792

551

200

346

(7)

1,882

147

Oct. 31 (4)

Add: provision for credit losses

280

419

Add: income taxes

307

204

126

(147)

525

Pre-provision (reversal), pre-tax earnings (losses) (1)

1,379

779

318

503

(153)

2,826

234

Pre-tax impact of items of note (2)

–

Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)

1,385

779

321

503

(153)

2,835

236

$ millions, for the twelve months ended

2025

Net income (loss)

3,107

2,341

958

2,273

(225)

8,454

685

Oct. 31

Add: provision for credit losses

1,764

166

175

208

2,342

124

Add: income taxes

1,093

873

222

812

(515)

2,485

158

Pre-provision (reversal), pre-tax earnings (losses) (1)

5,964

3,380

1,355

3,293

(711)

13,281

967

Pre-tax impact of items of note (2)

–

Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)

5,991

3,380

1,373

3,293

(711)

13,326

980

2024

Net income

2,905

2,063

500

1,629

7,154

368

Oct. 31 (4)

Add: provision for credit losses

1,233

123

560

2,001

412

Add: income taxes

1,098

766

608

(502)

2,012

Pre-provision (reversal), pre-tax earnings (losses) (1)

5,236

2,952

1,102

2,321

(444)

11,167

811

Pre-tax impact of items of note (2)

–

133

–

159

Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)

5,262

2,952

1,235

2,321

(444)

11,326

910

(1)

Non-GAAP measure.

(2)

Items of note are removed from reported results to calculate adjusted results.

(3)

Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.

(4)

Certain prior year information has been restated. For additional information, see the “External reporting changes” section of our 2025 Annual Report, available on SEDAR+ at www.sedarplus.com.

Basis of presentation

The interim consolidated financial information in this news release is prepared in accordance with IFRS and is unaudited whereas the annual consolidated financial information is derived from audited financial statements. These interim consolidated financial statements follow the same accounting policies and methods of application as CIBC’s consolidated financial statements as at and for the year ended October 31, 2025.

Conference Call/Webcast

The conference call will be held at 7:30 a.m. (ET) and is available in English (1-888-596-4144 or 1-647-932-3411, Passcode: 1140241#) and French (1‑888-596-4144 or 1-438-802-6874, Passcode: 3212257#). Participants are asked to dial in 10 minutes before the call. Immediately following the formal presentations, CIBC executives will be available to answer questions.

A live audio webcast of the conference call will also be available in English and French at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.

Details of CIBC’s 2025 fourth quarter and fiscal year results, as well as a presentation to investors, will be available in English and French at www.cibc.com, Investor Relations section, prior to the conference call/webcast. We are not incorporating information contained on the website in this news release.

A telephone replay will be available in English (1-800-770-2030 or 1-647-362-9199, Passcode: 1140241#) and French (1-800-770-2030, Passcode: 3212257#) until 11:59 p.m. (ET) December 18, 2025. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.

About CIBC

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.

The information below forms a part of this news release.

Nothing in CIBC’s corporate website (www.cibc.com) should be considered incorporated herein by reference.

The Board of Directors of CIBC reviewed this news release prior to it being issued.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS:

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, in other reports to shareholders, and in other communications. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the “Core business performance”, “Strong fundamentals”, and “Making a difference in our Communities” sections of this news release, and the Management’s Discussion and Analysis in our 2025 Annual Report under the heading “Economic and market environment – Outlook for calendar year 2026” and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to our sustainability ambitions and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2026 and subsequent periods. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “predict”, “commit”, “ambition”, “goal”, “strive”, “project”, “objective” and other similar expressions or future or conditional verbs such as “will”, “may”, “should”, “would” and “could”. By their nature, these statements require us to make assumptions, including the economic assumptions set out in the “Economic and market environment – Outlook for calendar year 2026” section of our 2025 Annual Report, as updated by quarterly reports, and are subject to inherent risks and uncertainties that may be general or specific. Given the potential negative economic impacts tied to the actual and proposed U.S. imposition of tariffs on Canada and other countries and their countermeasures, the softening labour market and uncertain political conditions in the U.S., the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: trade policies and tensions, including tariffs; inflationary pressures in the U.S.; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East; the impact of post-pandemic hybrid work arrangements; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters such as tariffs; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; the occurrence of public health emergencies and any related government policies and actions; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks, which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry, including through internet and mobile banking; technological change, including the use of data and artificial intelligence (AI) in our business; the heavy reliance on AI-related capital spending for U.S. growth and the uncertain employment impacts from its adoption; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG-related risks, including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Additional information about these factors can be found in the “Management of risk” section of our 2025 Annual Report, as updated by our quarterly reports. Any forward-looking statements contained in this news release represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this news release or in other communications except as required by law.

SOURCE CIBC – Investor Relations

For further information: Investor Relations: Financial analysts, portfolio managers and other investors requiring financial information may contact: Geoff Weiss, SVP, 416-980-5093, [email protected]; Media Enquiries: Financial, business and trade media may contact: Erica Belling, 416-594-7251, [email protected]; Tom Wallis, 416-980-4048, [email protected]

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